N.Y. Comp. Codes R. & Regs. tit. 15 § 104.7

Current through Register Vol. 46, No. 43, October 23, 2024

Section 104.7 - Yacht brokers

(a) Any person who for a fee or commission acts as an agent for either the buyer or seller of a boat must certify to the commissioner that he is a yacht broker. Such certification shall be made to the commissioner by letter at the central office of the department. Such letter must contain the name, business address and telephone number of the person acting as a yacht broker and the business name under which such activity is conducted.

(b) A yacht broker shall be required to keep a permanently bound book of registry containing the name and address of any client for whom the yacht broker is acting and a description of any boat which is the subject of such a transaction. The boat description shall include make, model year, hull identification number, hull material, length, type of propulsion, if any, and whether the boat is new or used. Upon the transfer of any such boat through the agency of the yacht broker, the name and address of the person to whom the boat is transferred shall be listed. The yacht broker must have written authorization to act on behalf of his or her client. All required records must be maintained for a period of five years. Such records shall be open for inspection by the commissioner or agents of the commissioner during reasonable business hours.

(c) If a person acts as both a yacht broker and a boat dealer such person must both certify as a yacht broker and register as a boat dealer and must keep separate records as a dealer and as a yacht broker including separate books of registry for each function.

N.Y. Comp. Codes R. & Regs. Tit. 15 § 104.7